Xinfeng Ming announced on the evening of February 25, in order to extend the industrial chain to the upstream, the company plans to start construction of Dushan Energy with an annual output of 2.2 million tons of PTA project with a total investment of 4 billion yuan and plans to put into operation in the third quarter of 2019. The After calculation and production, the annual revenue of the project is estimated at 11.56 billion yuan. The normal profit of the project is 8.7 billion yuan.
It is reported that polyester polyester industry is fierce competition, the upstream refining industry has become an extension of the industry trend.Upstream polyester filament for the petrochemical industry, PTA and MEG for the production of polyester filament raw materials, accounting for the production cost of polyester filament 85% .New Fengming is one of the domestic production of more than one million tons of polyester filament production enterprises, the main business for the civilian polyester filament research and development, production and sales.It is reported that the new Fengming has formed 2.73 million Ton of polyester filament production capacity, PTA annual demand of more than 2.3 million tons, the PTA produced by the project all by the company for its own use. The company said the project investment funds required by the enterprises themselves or part of the bank loan application.
According to the analysis of the industry, the PTA price center of gravity has been gradually rising driven by the upside of raw materials and the improvement of supply and demand since the second half of 2017. In the long run, the PTA industry has entered the boom up cycle. Meanwhile, In the second half of the year, a new round of economic cycles has also started. The industry started operation and inventory levels and profitability have been significantly improved.
Xinfengming 2017 Performance Express shows that in 2017, the company achieved operating income of 22.963 billion yuan, an increase of 31.39% over the previous year; net profit attributable to parent company of 1.497 billion yuan, an increase of 104.57% over the previous year, At the same time, Xinfengming's controlling shareholder proposed to distribute cash dividend of 2.6 yuan (tax included) for every 10 shares to all shareholders in 2017 and 4 shares for every 10 shares.